The Legacy of High Inflation on Monetary Policy Rules
收藏NBER2025-08-01 更新2025-08-16 收录
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https://www.nber.org/papers/w34107
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This paper shows the key, yet overlooked, role played by the legacy of a high inflation history on the strength of the monetary policy response to inflationary shocks. To rationalize this, we propose a New Keynesian model that diverges from the existing workhorse model by adding path-dependence (to
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美国国家经济研究局创建时间：
2025-08-01
